The Administrative Appeals Tribunal has set aside the disqualification of Mr Charles Abbott by the Australian Prudential Regulation Authority (APRA).

The effect of the Tribunal’s decision is that Mr Abbott is treated as if he had never been disqualified from being or acting as the holder of a senior insurance role. A copy of the Tribunal’s decision is available from its website at www.aat.gov.au.

Mr Abbott, who was an alternate director at HIH Limited (HIH) from August 1995 to May 1997, a non-executive director from May 1997 to 2001 and Deputy Chairman from January 2001, was disqualified by APRA from being or acting as a director or senior manager of a general insurer on 18 February 2005 on the basis of his conduct as a director of HIH (APRA media release: http://www.apra.gov.au/media-releases/05_13.cfm, dated 2 March 2005).

Mr Abbott sought review of APRA’s decision with the Tribunal on 1 September 2005, and the Tribunal recently published its reasons for setting aside the disqualification.

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. APRA is funded largely by the industries that it supervises. It was established on 1 July 1998. APRA currently supervises institutions holding approximately $3 trillion in assets for 21 million Australian depositors, policyholders and superannuation fund members.

Media and industry inquiries only:
Stuart Snell, Head of Public Affairs

Australian Prudential Regulation Authority

Telephone: 02 9210 3384
Mobile: 0407 250 276

All other inquiries:
APRA Contact Centre 1300 131 060.